Bitcoin Faces Selling Pressure from U.S. Institutions in October

Bitcoin Faces Selling Pressure from U.S. Institutions in October 

In October, BTC has been stuck in the quicksand and unable to show much motivation, resting around the $62,000 level. Selling pressure by U.S. institutional investors is among the main reasons keeping its price in check. 
 

Coinbase Premium Index Remains Negative

  
The Coinbase Premium Index, which measures the price differential of Bitcoin between Coinbase and Binance, has remained negative this month. This would presumably mean that selling has been more aggressive from this particular group since Coinbase is considered one of the main platforms used by U.S. institutions. Historically, when this index has flashed a negative reading, it coincided with periods of Bitcoin price declines, which bring fears of a possible downturn. 
 

Outflows at Bitcoin ETFs 
 

Adding to concern, U.S. spot Bitcoin ETFs have seen huge outflows for October. Institutional investors pulled out over $408 million in the first six days, while inflows reached only $260 million. Major withdrawals from a wallet linked to BlackRock rounded off the latest wave of Bitcoin sell-offs by institutions. 
Bitcoin in a Sensitive Price Zone 
 
According to data from Glassnode, Bitcoin has entered a crucial zone. More importantly, $62,600 has acted as a hot level where a lot of BTC has exchanged ownership. A slip below $60,000 could see Bitcoin fall back toward $52,000, while a breach above resistance at $64,000 could have it jump all the way up to $72,000. 
 
The upcoming weeks will be telling for the price action of Bitcoin, with institutional activity being one of the key things to watch.